Nuclear IPO gets strong reaction in Shanghai

Nuclear construction giant CNEC raises $278 million from its long-awaited initial public offering in Shanghai, the second largest A-share flotation so far this year.

China Nuclear Engineering Corporation CNEC, the country’s nuclear construction giant, raised Rmb1.82 billion $278 million from its long-awaited initial public offering in Shanghai, making it the second largest A-share flotation so far this year.

The nuclear power plant builder sold 525 million new shares, or 10% of its enlarged share capital, at Rmb3.47 per share, according to its filing with the Shanghai stock exchange on Thursday.